|Delayed - 09/25 11:35:02 am|
Mattioli Woods : trading update for year ended 31 May 2020
|07/14/2020 | 06:51am|
Mattioli Woods trading update for year ended 31 May 2020Mattioli Woods the specialist wealth management and employee benefits business, today issued a trading update for the year ended 31 May 2020 and an update on the resilience of the business during the COVID-19 pandemic.
As a business Mattioli Woods has been able to continue helping clients through every stage of the pandemic. The IT infrastructure facilitated a quick and seamless transition to working from home and clients remain at the heart of everything the business does.
•Growth in revenue and strong growth in adjusted EBITDA and adjusted PBT
•Continued to deliver an uninterrupted service to clients
•Building capacity to do more for existing clients and future growth
•Total client assets of the Group and its associate of £9.3 billion at the year end
•Gross discretionary assets under management of £2.6 billion, with net inflows of over £200 million during the year
Changes to the Plc Board
Nathan Imlach has decided to stand down from the Board in October following 15 incredible years as Chief Financial Officer, which saw him play vital roles in our admission to AIM in 2005, the launch of Custodian REIT in 2014 and the completion of 23 acquisitions to date. Nathan will remain within the business as a Senior Adviser focusing on acquisitions and contributing to our strategic direction. Ravi Tara, the Group Finance Director, will be stepping into Nathan's board role and we will all benefit from Ravi's experience in improving operational delivery and cost efficiency.
We are committed to developing our corporate governance and management structures to ensure they continue to meet the changing needs of the business and we are strengthening the executive team with the further appointments of our Group Managing Director, Michael Wright and Group Operating Officer Iain McKenzie, to the Board.
Ravi, Michael and Iain will join the Board immediately following regulatory approval of their appointments.
Ian Mattioli, Chief Executive, comments: 'I am pleased to report revenue and profit growth in the year ended 31 May 2020, despite the political and economic uncertainties that persisted throughout the period. Even in these unprecedented times we are continuing to grow and develop the business, both organically and by strategic acquisition.
'The Group's financial performance in the first nine months of the year was in line with the Board's expectations but, as anticipated, in the final quarter the impact of the COVID-19 pandemic on financial markets resulted in a reduction in the Group's income streams linked to the value of clients' assets and its banking revenue.
'I would like personally to thank Nathan Imlach for his contribution to the success of the Group, including our admission to AIM in 2005, the launch of Custodian REIT as a main-market listed property investment company in 2014 and the completion of 23 successful acquisitions to date. As Nathan continues his career with Mattioli Woods, we look forward to continuing to benefit from his experience and insight, at a time when we are seeing a greater number of strategic acquisition opportunities than we have ever seen before.
'The Board is positive about the Group's prospects given all the actions we have taken to reinforce its financial position, ensuring we remain sustainable and here for the long term. Creating and preserving wealth, our focus remains on ensuring our trusted advice gives clients the understanding to achieve their objectives.'
The full RNS can be read here.
Mattioli Woods plc published this content on 14 July 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 14 July 2020 10:50:03 UTC
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